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Cuban Convertible Peso

   Also found in: Acronyms, Wikipedia 0.01 sec.
Cuban Convertible Peso
One of two currencies in Cuba. It is pegged to the U.S. dollar at a one-to-one ratio, meaning that one could present one convertible peso to the Central Bank of Cuba and redeem it for one dollar. Because the other currency in Cuba, the Cuban peso, is an inconvertible currency, the convertible peso is Cuba's only point of access to international foreign exchange markets.


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A quick search in August turned up a classic '57 Chevy Bel Air "todo original" and a '53 Ford Victoria with an asking price of 9,000 Cuban convertible pesos, or about $9,700.
dollar isn't the strongest currency unit, especially now, when even the Cuban convertible peso and the Azerbaijani manat are stronger than the dollar
Contracts will have to be paid for in Cuban convertible pesos, a parallel currency geared towards tourists and foreigners worth 24 times the peso used by most Cubans.
 
 
 
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